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Oct 6, 2014
10/14
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so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
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Jun 1, 2022
06/22
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CSPAN
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deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the marketeer. -- markets here. >> let me as an employment question and that is, we have jobs. let me mix this with, have you given an assessment. i would like an assessment of the immigration program, meaning legislation of congress that -- for ben carson, etc.. have you had that analysis -- on the comfort -- comprehensive immigration client -- plan of the inclusion of dollars to the economy and what impact unemployment negatively? >> the cdo did a fiscal analysis for the immigration division in the build back better
deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the...
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Feb 16, 2011
02/11
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CSPAN2
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our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal sustainability, the president proposes to reduce nonsecurity discretionary spending to its lowest level as a share of the economy since dwight eisenhower was president. to achieve this, the budget proposes a 5-year freeze of annual nonsecurity discretionary spending at its 2010 level. and this will reduce the deficit by more than $400 billion over the next at the point years. the president also proposes to reduce a request for defense spending to freeze civil service salaries, to improve efficiency in government services throug
our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal...
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Jan 4, 2018
01/18
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. $2.1 trillion of deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts with extenders with delaying obamacare taxes with see quester relief. i didn't assume there would be continued disasters each year although i don't think it's unreasonable there will be further deficit increases as a result of future disasters on top of this. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise recouped, fannie mae, freddie mac, t.a.r.p., things like that. so what does this mean debt to gdp? i mentioned it is already higher than any other time since world war ii, already about twice its historic average. even prior to the tax cuts, debt to gdp was rising from 77% of gdp today to 91%. after a decade. that might not sound
. $2.1 trillion of deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts with extenders with delaying obamacare taxes with see quester relief. i didn't assume there would be continued disasters each year although i don't think it's unreasonable there will be further deficit increases as a result of future disasters on top of this. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year...
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Jan 31, 2010
01/10
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you will notice the blue bar shows the deficit, a significant deficit was inherited, eliminated, and we went up to surplus. the projected 10-year surplus starting in 2001, 10-year surplus was about $5.5 trillion. could you -- what happened in 1991 to create that chart, the blue part of the chart? in 1993, i'm sorry. >> well, as you know, congressman, during the 1990's there were significant policy actions taken to narrow the deficit. there was also an economic recovery and boom that increased revenues and increased spending. >> did the votes in 1993 help create that chart? >> yes, they did, congressman. >> what happened had 2001? >> well, as you know, the economy was in recession and also there were legislative actions taken that widened the deficit. >> 2001? >> excuse me? >> when did the recession in 2001 start? >> well, i actually have that. it started in march of 2001 and ended in november of 2001. that is a calendar year basis. these are probably fiscal year. year. >> after the bush administration came in, then the recession started. the bush administration did not quote in here
you will notice the blue bar shows the deficit, a significant deficit was inherited, eliminated, and we went up to surplus. the projected 10-year surplus starting in 2001, 10-year surplus was about $5.5 trillion. could you -- what happened in 1991 to create that chart, the blue part of the chart? in 1993, i'm sorry. >> well, as you know, congressman, during the 1990's there were significant policy actions taken to narrow the deficit. there was also an economic recovery and boom that...
WHUT (Howard University Television)
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Jul 9, 2009
07/09
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WHUT
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these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13% this year. it's not going to... it's going to average approximately 5% for the next ten years. and, by the way, we've only had deficitss of that magnitude, the 5%, twice since 1946. now, the debt, according, for example, to goldman sachs, is going to reach at the end of this ten-year period about 85% of the size of our economy. now, the last time that happened was at the onset of world war ii 1942, 1943. we haven't had anything remotely like that, since. the united kingdom, the u.k., is also facing an outlook like that and ha
these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13%...
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Apr 3, 2010
04/10
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deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we went to conservative economic philosophy. it has been failing us. they say we should cut spending and not to anything about taxes. we have a business sector here who really has not been contributing their part to society for the past 30 years. i would like to see what their answers are to their to -- to my comments. host: if you are blaming future deficit on debt on the conservative economic philosophy, the increase in spending going forward is driven almost entirely by social security and medicare and medicaid. without those programs, the government budget would be roughly
deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we...
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Oct 19, 2012
10/12
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TBN
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deficit. that's the word. >>> right now, the u.s. government is running a deficit, has been for years. it's a topic that comes up a lot in politics and, as you might expect, it's come up a lot in this year's presidential campaign. in fact, during this week's debate between barack obama and mitt romney, the word "deficit" came up nearly 20 times. both candidates have plans to deal with it. >> both candidates have made it a cornerstone of this election to talk about the deficit, the difference between how many money our government is spending and how much it is taking in in taxes. this is the deficit right now, $1 is trillion, $90 billion. if we all wanted to pay it off, every man, woman and child in the country has to pay $3,500. yet each candidate says i can reduce the deficit. they all say we're going to have to contain the spending of the government. control it. we're going to have to rewrite the tax code and we have to get the economy moving again because that's going to produce money and revenue .really solve the problem. but bey
deficit. that's the word. >>> right now, the u.s. government is running a deficit, has been for years. it's a topic that comes up a lot in politics and, as you might expect, it's come up a lot in this year's presidential campaign. in fact, during this week's debate between barack obama and mitt romney, the word "deficit" came up nearly 20 times. both candidates have plans to deal with it. >> both candidates have made it a cornerstone of this election to talk about the...
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Oct 8, 2017
10/17
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MSNBCW
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we're going to expand the deficit. you can't fully grow your way out of this anymore. >> i think that's the only way you're going to get out of this is to grow your way out of it. we're willing to have short-term tax and deficits in order to get back to that real healthy american economy. remember, if you're 30 years old, you've never had a job as an adult in this country with a healthy economy, and we're trying to get back to that. >> in sandy relief, as congressman, you were for the relief but you wanted some cuts with it. why should hurricane relief for harvey, irma, maria, now nate be handled the same way? >> we're not there yet. keep in mind there are a couple different ways we address disaster relief funding in this country, and right now we're sort of in the emergency, making sure people have drinking water and electricity -- >> is this something that's changed for you being a congressman? >> the fight we had in congress, i think it was in 2012, i lose track of the years -- >> sandy. >> -- sandy, yeah, that was
we're going to expand the deficit. you can't fully grow your way out of this anymore. >> i think that's the only way you're going to get out of this is to grow your way out of it. we're willing to have short-term tax and deficits in order to get back to that real healthy american economy. remember, if you're 30 years old, you've never had a job as an adult in this country with a healthy economy, and we're trying to get back to that. >> in sandy relief, as congressman, you were for...
WHUT (Howard University Television)
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Feb 19, 2010
02/10
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WHUT
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not have deficit beyond 10 years. third, result in a significant reduction in the tens of trillions of unfunded promises that we already have. and fourthly, result in lower health care costs as a percentage of the economyhan we would have had we not do the reform. the bills don't pass that. >> i want in here. let me say, i actually think the cbo was underwaiting the amount of the savings of the bills. these bills basically try all of the things, and we don't know which those are going to work and how well. so the cbo scores those things as zero because it says it doesn't know. bust the odds are some of those things would work. i think there was a -- both the senate and house bill are the most serious cost control efforts we have ever made. if we can get something like those through at the end. it will make a big difference. >> if we don't.god help us. we will have failed because largely of a sare campaign about medicare and death panels which will make any future reform -- >> some that he came to office and that she s
not have deficit beyond 10 years. third, result in a significant reduction in the tens of trillions of unfunded promises that we already have. and fourthly, result in lower health care costs as a percentage of the economyhan we would have had we not do the reform. the bills don't pass that. >> i want in here. let me say, i actually think the cbo was underwaiting the amount of the savings of the bills. these bills basically try all of the things, and we don't know which those are going to...
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Mar 22, 2023
03/23
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CSPAN2
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had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your. 1.3 trillion to 1.6 trillion to 1.8? you are actually increasing the deficit by $300 billion in 2024. you are increasing the deficit. by the way, that's a massive deficit. what do you think is sparking inflation? causing the fed to cause a run on the banks? at what point do you acknowledge the harm that this massive spending deficit is causing the economy? it's not recognized in your 2024 budget. dir. young: i hope we all realize that inflation is a global phenomenon. the u.k. doesn't have the same laws as the united states
had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your....
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May 4, 2022
05/22
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the first year, 350 billion deficit. this year 1.5 trillion deficit down. >> the sanctions in europe, the european union announced oil sanctions against russia what is next for the u.s.? president biden: with regard to the additional sanction, we are always open to additional sanction and i have been in consultation and members of the g7 and what we will do and not do. number two, as i've said when i was getting on the plane to go down to alabama. this is about a lot more than abortion. i have not read the whole opinion at that time. this reminds me on the debate with robert bork. if you go back and look on his opening comments, i believe that i have the rights that i have not because the government gave them to me but because i am a child of god, i exist. i delegated by joining this union and the rights i have to the government by the social good. the idea that there is an inherent right that there is no right to privacy, we had a debate about griswold versus connecticut, there was a law that a married couple could not
the first year, 350 billion deficit. this year 1.5 trillion deficit down. >> the sanctions in europe, the european union announced oil sanctions against russia what is next for the u.s.? president biden: with regard to the additional sanction, we are always open to additional sanction and i have been in consultation and members of the g7 and what we will do and not do. number two, as i've said when i was getting on the plane to go down to alabama. this is about a lot more than abortion. i...
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Feb 2, 2019
02/19
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CSPAN
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our options to reduce the deficit. we really do have a number of options there. >> just like in college were have to buy the professor's book that is teaching the class? dr. hall: that's right. we are happy to follow up and talk about any of those things and how sclale. >> i want to warn you. my buddy found a bunch of those that he used bookstore and he bought them and sell them back to the university of tennessee at full cost. remember that. thank you, mr. chairman. >> i now recognize the gentlelady from california. five minutes. >> thank you, mr. chairman for this hearing. good to be back on the committee. thank you director hall for being here. let me ask a couple of questions. and following up really from mr. hearns line of question from a different perspective. first of all, we know that america is not only need jobs, but they need to be paid a living wage to lift themselvesand their families out of poverty. unfortunately wages have remained very stagnant with the federal minimum wage s still at $7.25 an hour. yet
our options to reduce the deficit. we really do have a number of options there. >> just like in college were have to buy the professor's book that is teaching the class? dr. hall: that's right. we are happy to follow up and talk about any of those things and how sclale. >> i want to warn you. my buddy found a bunch of those that he used bookstore and he bought them and sell them back to the university of tennessee at full cost. remember that. thank you, mr. chairman. >> i now...
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Feb 10, 2010
02/10
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the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it was drinking and contracting by 4.54% alone. 741,000 workers lost their jobs in january of 2009. by contrast in the last quarter of 2009 economy grew by 5.7% job losses averaging 69,000. from the start of the obama administration has realized that under your garden's it would be impossible for brest the deficit down how by moving the economy up. and that's why the president bush -- president's budget for 2011 has objective. of one eye on the economy and the other eye on the deficit. we brought back from the brink with too many americans still feeling the recession and author covered. and no one
the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it...
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May 2, 2018
05/18
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CSPAN3
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eye 26
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in our projections, budget deficits continue increasing after 2018 as deficits accumulate, debt held by the public rises from 78% of gdp or $16 trillion at the end of this year to 96% of gdp or $29 trillion by 2028. that percentage would be the largest since 1946 and well more than twice the average over the past five decades. for the next few years, revenues hover near the level of 16.6% of gdp in our projections. then they rise steadily reaching 17.5% of gdp by 2025. at the end of that year, many provisions of the 2017 tax act will expire causing receipts to rise sharply to 18.1% of gdp in 2026, and 18.5% in 2027, and 2028. they have averaged 17.4% of gdp over the past 50 years. in our projections outlays for the next three years remain near 21% of gdp this is higher than the average of 23.4% over the past 50 years. after that outlays grow more quickly than the economy does. that increase reflects significant growth in mandatory spending mainly because of the aging population and rising health care costs per beneficiary are projected to increase spending for social security and med
in our projections, budget deficits continue increasing after 2018 as deficits accumulate, debt held by the public rises from 78% of gdp or $16 trillion at the end of this year to 96% of gdp or $29 trillion by 2028. that percentage would be the largest since 1946 and well more than twice the average over the past five decades. for the next few years, revenues hover near the level of 16.6% of gdp in our projections. then they rise steadily reaching 17.5% of gdp by 2025. at the end of that year,...
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Nov 3, 2019
11/19
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CSPAN
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eye 30
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yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the relationship between federal spending and revenue in the future. two thirds of the budget -- medicare, medicaid, social security. guest: within those, there has been a change over the years. if you looked at the federal budget in the 1960's and 1970's, defense was a greater portion of the budget that it was now. we have seen a growth of the entitlement programs, especially social security and medicare, driven by demographic change and changes to the programs. the federal government now is something like a provider of benefits to the elderly that
yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the...
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Feb 4, 2020
02/20
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CSPAN
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largest budgete deficit we've ever had when the economy was this strong. looking at it as a share of gdp looking at the numbers prayed never when the economy was strong have we had a milestone. describe two people again what deficit is when it comes to the budget. >> i feel it the lawmakers are kinda forgotten. it's when the company -- the country doesn't take of money in taxes to pay for the federal spending. oftentimes, i run a nonpartisan group that's worried about balancing the budget pair their time zones important to borrow the money when it's a national emergency. a --hen run want toou have more borrow or use it for smart economic purposes. because --t there become less and less willing to pay for the policies they're willing to enact. ever since the economy recovered. due to the taxes. host: to the deficit one of the computing factors. >> the biggest things of the fact we are an aging society. we are all living longer, we have longer life expectancies but it means the programs built to support people in old age primarily social security and medicar
largest budgete deficit we've ever had when the economy was this strong. looking at it as a share of gdp looking at the numbers prayed never when the economy was strong have we had a milestone. describe two people again what deficit is when it comes to the budget. >> i feel it the lawmakers are kinda forgotten. it's when the company -- the country doesn't take of money in taxes to pay for the federal spending. oftentimes, i run a nonpartisan group that's worried about balancing the budget...
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Jan 23, 2011
01/11
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WTTG
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>> dust off that deficit commission report. the president's deficit commission. take a look at some of the things that we address there. first, $3 in spending cuts for every dollar in new revenue. it was serious when it came to cutting spending. you must do that. secondly, when it came to revenue, take a look at the tax code. chris, in all the time i've been in washington, we never put the tax code on the table and said does it still make sense? all the deductions, all the credits. all the tax earmarks. do they make sense? they cost us $1.1 trillion each year. all of the tax code deductions taking money out of the treasury, equal the personal income taxes collected in america. why don't we have that conversation? the deficit commission thinks we should. i agree. >> chris: of course, the deficit commission, as you say you voted for the bowles-simpson plan also called for raising retirement age far off in 2075. but you stand by all of that and you would support all of that? >> there were some parts of it of course i'd change. i have don't agree with every paragraph
>> dust off that deficit commission report. the president's deficit commission. take a look at some of the things that we address there. first, $3 in spending cuts for every dollar in new revenue. it was serious when it came to cutting spending. you must do that. secondly, when it came to revenue, take a look at the tax code. chris, in all the time i've been in washington, we never put the tax code on the table and said does it still make sense? all the deductions, all the credits. all...
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117
Jan 31, 2012
01/12
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CSPAN3
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eye 117
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deficit between 1947 and 2008. over the next few years projected deficits in the baseline narrow sharply as you can see in the picture, 1.5% of gdp between 2013 and 2022 with deficits small relative to the size of the economy debt held by the public drops a little by gdp in baseline projections but remains quite high. much of the projected decline in the deficit occurs because under current law revenues will rise considerably. in particular between 2012 and 2014 revenues and our baseline shoot up by more than 30% because of the recent or scheduled expiration of various tax provisions and new taxes scheduled to go into effect. federal spending on the baseline declines modestly relatively to gdp as the economy expands and statutory caps strain discretionary appropriations. later in the decade, though, spending turns up again relative to gdp because of increasing expenses generated by the aging of the population and rising cost for health care and because the accumulation of debt and rising interest rates will cause a
deficit between 1947 and 2008. over the next few years projected deficits in the baseline narrow sharply as you can see in the picture, 1.5% of gdp between 2013 and 2022 with deficits small relative to the size of the economy debt held by the public drops a little by gdp in baseline projections but remains quite high. much of the projected decline in the deficit occurs because under current law revenues will rise considerably. in particular between 2012 and 2014 revenues and our baseline shoot...
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Oct 14, 2013
10/13
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LINKTV
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budget deficit. many politicians began to argue for trade barriers to keep out the flood of imports. the reagan administration resisted this approach. all economists-- i'd say 99.9% of economists-- believe we all gain from free trade. this administration believes we gain from free trade. therefore we are not going to lead the world down a protectionist road which will reduce our standard of living and reduce standards of living abroad. in may 1985, heads of state of the free world's industrial nations met in a summit in bonn, west germany, trying to resolve differences in economic policy. europeans and the japanese urged the u.s. to control its budget deficit. we urged them to expand their economies to create markets for american goods. no firm decisions were made, but international cooperation remains a promising economic approach. beryl sprinkel speaks for the reagan administration. when governments recognize a particular set of policies are in their interest, they're very likely to move in that di
budget deficit. many politicians began to argue for trade barriers to keep out the flood of imports. the reagan administration resisted this approach. all economists-- i'd say 99.9% of economists-- believe we all gain from free trade. this administration believes we gain from free trade. therefore we are not going to lead the world down a protectionist road which will reduce our standard of living and reduce standards of living abroad. in may 1985, heads of state of the free world's industrial...
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Jan 15, 2011
01/11
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WMPT
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account deficit comes down. that means the u.s. is depending less on foreigners. >> does it make sense to say any tax cut does not have to be matched by any savings? >> absolutely not. that is an ideological condition that is correct -- incorrect. $1 of tax reduction has the same affect on the deficit as spending increases. >> a wake-up call for a complacent [unintelligible] this book made waves by denouncing western aid to africa. now they warn irrational investment could turn the u.s. into a second division socialist state. >> only one possible future offers much hope. the west [unintelligible] the eve merging economies like china -- emerging economies like china. in that case we lose the economic war. second possibility, tschida falters. in this scenario they still maintain the 10% annual growth needed to overtake america. and the west stays dominant by default. third, america fights back. we direct vast sums into new technologies and better education. but all this requires money bad americans squandered alre
account deficit comes down. that means the u.s. is depending less on foreigners. >> does it make sense to say any tax cut does not have to be matched by any savings? >> absolutely not. that is an ideological condition that is correct -- incorrect. $1 of tax reduction has the same affect on the deficit as spending increases. >> a wake-up call for a complacent [unintelligible] this book made waves by denouncing western aid to africa. now they warn irrational investment could...
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Jan 29, 2019
01/19
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CSPAN3
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eye 37
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right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why shod we charge policy based on projections that are 30 years away. i'd like dwrou todo a wrestle w that argument that you brought up earlier. >> sure. well, one of the things that you can do and one of the things that we've got in our report is we have some what ifs. if interest rates were lower, higher than we project. if you look at something like what the effect of lower interest ratesnc that would hav you still have really significant deficits and debt going forward. itit makes a difference and things, but it did you want improve them all that much. so that's one of the points i'd li
right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why...
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Jan 28, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Mar 9, 2015
03/15
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LINKTV
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so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my, patty. did you find all your files? patty: finally! who knew it would be this much work when richard and i decided to retire! cathy: well, what are you going to do first? patty: we're heading down to brooklyn heights and start in on that social security paperwork. cathy: why would you do that? patty: what do you mean? cathy: it's so much easier to log onto socialsecurity.gov and file online. patty: what if i need to know how much money i'll be getting? cathy: online. patty: what if our address changes? cathy: online. patty: what if i want medicare too? cathy: online. patty: so, how did
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my,...
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Sep 17, 2011
09/11
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MSNBCW
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deficit reduction is on this table. strengthening social security on -- has its own trust fund, its savings should be poured back into it. >> that's the condition. when you're looking at what the super committee produces, that is what -- that is a line, right? if they're confusing those two. >> super committee, in my view, has to begin with job creation. and we have pushed to say we want a report on job creation as part of their -- >> but do you think that's how they understand their portfolio is job creation or they understand about it as long-term austerity agenda? >> you cannot reduce the deficit unless you create jobs. you cannot reduce the deficit unless you bring revenue into the treasury and reduce public support for those who are out of work. but the president's jobs bill is a good place for them to start, if it can't make it through the congress for one reason or another. the public cannot wait. that table is center of attention. people are watching. job creation, revenue, containing costs, however you want to
deficit reduction is on this table. strengthening social security on -- has its own trust fund, its savings should be poured back into it. >> that's the condition. when you're looking at what the super committee produces, that is what -- that is a line, right? if they're confusing those two. >> super committee, in my view, has to begin with job creation. and we have pushed to say we want a report on job creation as part of their -- >> but do you think that's how they...
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May 2, 2017
05/17
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BBCNEWS
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eye 61
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italy's deficit today is lower than the uk deficit. italy's deficit has been lower! what matters is how you are growing. what matters and what both parties should be talking about and are not, is the big elephant in the room, the source of growth in this country continues to be private debt, consumption led growth, not investment led-w the issue of private debt to disposable income is back at record levels since before the crisis. what would your fiscal target be? 4% of gdp, 3%? you are obsessing. if the numbers are always going to be there. did she learn anything from the excel sheet problem when they obsessed on this terrible number, when it went over 90, the debt to gdp, that was found to be irrelevant. it does not tell us much. i get from what you are saying that the kind of spending... next question. is spending more on police and welfare and more on all the things we know the labour party would like to spend more on, is that the kind of spending that gives you long—term growth? you need long—term growth, you want a plan for the country. whether it is german
italy's deficit today is lower than the uk deficit. italy's deficit has been lower! what matters is how you are growing. what matters and what both parties should be talking about and are not, is the big elephant in the room, the source of growth in this country continues to be private debt, consumption led growth, not investment led-w the issue of private debt to disposable income is back at record levels since before the crisis. what would your fiscal target be? 4% of gdp, 3%? you are...
0
0.0
May 1, 2023
05/23
by
CSPAN2
tv
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if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from some republicans and mr. trump who i'm not in favor of increased the deficit tremendously during his president and reduced deficit despite the war in ukraine and despite covid, despite a tremendous thing going on of things in the world. and take part in it and you need to support ukraine and need to do anything that we can at this point for democracy under assault and it was under assault on january 6, there's no disputing that. tremendous fears related to i don't see that happens but should that occur, even if he should run i think we're going to have major problems regarding election denial again and was p
if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from...
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0.0
Oct 21, 2022
10/22
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CSPAN
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for americans the deficit could not be clearer. we do not have to take my word for it, what they are for. they have laid out a plan, laid out very clearly. congressional republicans say -- and you all know this -- their number one priority is to repeal the inflation reduction act. here is what that means. if they get their way, the power we just gave medicare to negotiate lower prescription drugs goes away. gone. if they get their way the $2000 cap on prescription drug costs, the maximum any senior would have to pay, goes away. gone. the $35 a month cap on insulin which takes effect next year, folks on medicare, gone. the savings in health care premiums of $800 a year under the affordable care act, gone. and, of course, they are still determined to repeal the affordable care act, which means an end to the protections for tens of millions of people who cannot afford health insurance because they have a pre-existing condition. let's remember that. we are talking about millions of people who will lose their health insurance because th
for americans the deficit could not be clearer. we do not have to take my word for it, what they are for. they have laid out a plan, laid out very clearly. congressional republicans say -- and you all know this -- their number one priority is to repeal the inflation reduction act. here is what that means. if they get their way, the power we just gave medicare to negotiate lower prescription drugs goes away. gone. if they get their way the $2000 cap on prescription drug costs, the maximum any...
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Nov 30, 2017
11/17
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CSPAN2
tv
eye 19
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they care about deficits. they care passionately, they care deeply about deficits when the democrats are in charge 678. but when they're in charge, do they care about deficits? somehow or another they can turn a blind eye to their own actions which lead to exploding deficits. and there it is, ladies and gentlemen. that's the hypocrisy, the tribute that hypocrisy has to pay to virtue. they have to say the right things about the deficit. they have to say this isn't going to lead to exploding additional debt for our country. but every single economic analysis of this bill going back to the 1981 tax breaks, because it's all the same play, a trojan horse to give the tax breaks to the wealthiest people in our country. that's what david stockman actually said in 1985 in his famous book, "the triumph of politics." when he looked back at the 1981 huge tax breaks for corporations and for the wealthy he said actually the whole thing was a trojan horse to get the tax breaks for the 1% percentile. he was honest about it in
they care about deficits. they care passionately, they care deeply about deficits when the democrats are in charge 678. but when they're in charge, do they care about deficits? somehow or another they can turn a blind eye to their own actions which lead to exploding deficits. and there it is, ladies and gentlemen. that's the hypocrisy, the tribute that hypocrisy has to pay to virtue. they have to say the right things about the deficit. they have to say this isn't going to lead to exploding...
SFGTV: San Francisco Government Television
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Feb 13, 2013
02/13
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SFGTV
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we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only about $19 million. so, department solutionseses will always be a part of how the city balances its budget, but it certainly will not be the only way that we balance our budget. these are just more policy oriented instructions focusing on core functions, minimizing surface impacts. one of the things we're really interested in looking at is how are departments utilizing data to find opportunities for greater efficiency and to democrat on stray the effectiveness of their programs. and then of course to engage with their stakeholders.
we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only...
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Jan 30, 2019
01/19
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CSPAN3
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our options to reduce the deficit. we really do have a number of options there. >> is this like in college where i have to buy the professor's book that is actually teaching the class? >> that's right. and we're happy to follow up and talk about any of those things and how, you know, the scale on that sort of thing. >> i will warn you about that. my buddy sheety ward found a bunch of those at a used bookstore and went and bought them and sold them back to the university of tennessee at full cost. just so remember that. thank you, mr. chairman. >> the gentleman's time has expired. now i'll recognize the gentle lady from california, miss lee, five minutes. >> thank you very much. thank you, mr. chairman, for this hearing. thank you, ranking member womack, and good to be back on the committee. thank you, director hall, for being here. let me ask a couple of questions and following up, really, from mr. hern's line of questioning from a different perspective. first of all, we know that americans not only need jobs, but they
our options to reduce the deficit. we really do have a number of options there. >> is this like in college where i have to buy the professor's book that is actually teaching the class? >> that's right. and we're happy to follow up and talk about any of those things and how, you know, the scale on that sort of thing. >> i will warn you about that. my buddy sheety ward found a bunch of those at a used bookstore and went and bought them and sold them back to the university of...
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Apr 21, 2013
04/13
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is --ever, the economy due to deficit and debt. the federal deficit is at more than $1 trillion. the national debt is that more and $16 trillion. the senior director of the bipartisan policy desk says that the debt has been acutely living so much that the economy is on hiring. >> our debt is the percentage of gdp. in the last 30 or 40 years has in less than 40%. it is only in recent years that we have seen a client. the fact is, we are in dangerous territory. that thesullivan says policymakers are arguing and debating but missing the main shellshocked u.s. economy. >> joshua gordon says that the deficit is continuing to expand because of job loss, creating less revenue and more spending on aid programs. >> you have a large deficit for four years because you have low revenues and people don't have paid or they're getting less. but also we have this mandatory spending program, which grow on autopilot. food stamps programs, medicaid, based on a limited economy is bad. >> the entire financial crisis is unclear. >> i think that the underlying issues of the financial crisis have not be
is --ever, the economy due to deficit and debt. the federal deficit is at more than $1 trillion. the national debt is that more and $16 trillion. the senior director of the bipartisan policy desk says that the debt has been acutely living so much that the economy is on hiring. >> our debt is the percentage of gdp. in the last 30 or 40 years has in less than 40%. it is only in recent years that we have seen a client. the fact is, we are in dangerous territory. that thesullivan says...
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Jan 10, 2018
01/18
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CSPAN3
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. $2.1 trillion of deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts, with extenders, with delaying obamacare taxes. with sequester relief. i didn't assume there would be continued disasters each year. $2 trillion deficits, that's where we're headed under something close to current law. the highest deficits we ever had was 1.4 trillion. what does this mean to debt to gdp. i mentioned before, it's already about twice its historic average. it was already rising from 77% to 91% after a decade. that may not sound like a lot to you, but it sounds like a lot to me. that would be unprecedented to start with. as a result of this tax cut bill alone debt is likely to rise to 96%. if we add in these other policies, we are talking about 98%. we assume everything is extended. debt would reach 108% of gdp. in other words, we would exceed that world war ii record. not because of a war, but because of our own choosing, because congress continued to spend more and tax less without considera
. $2.1 trillion of deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts, with extenders, with delaying obamacare taxes. with sequester relief. i didn't assume there would be continued disasters each year. $2 trillion deficits, that's where we're headed under something close to current law. the highest deficits we ever had was 1.4 trillion. what does this mean to debt to gdp. i mentioned before, it's already about twice its historic average. it was...
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Feb 17, 2012
02/12
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CSPAN3
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what the american people want t know, is how much deficit are we going to add to our current defi deficit if we were to pass this blueprint this year, which i un understand is 1.3 trillion.ho how much would it be at the endc of the ten-year cycle which i understand is still going to be around 750 billion.billion what would the total deficit be at the end of a ten-year cycle e if we adopted the president's sp spendingen plan? point one. point two is the point that mr. garrett made, every budget i've seen except for the ones proposed by this president d previously and this year. never put a target out of when we expect the budget to be balanced. and you ought to at least y present a budget that says, i s don't scare, 50 years from now,f give us some time. tell us when if we adopt this ba spending plan, when we will it achieve a balanced budget and quit adding to the debt., does this administration really care about deficits and debt? they talk a lot about it, but their budgets don't reflect at. that. and i alsoso hear a lot of talk about simpson-bowles which i support. but you know what, th
what the american people want t know, is how much deficit are we going to add to our current defi deficit if we were to pass this blueprint this year, which i un understand is 1.3 trillion.ho how much would it be at the endc of the ten-year cycle which i understand is still going to be around 750 billion.billion what would the total deficit be at the end of a ten-year cycle e if we adopted the president's sp spendingen plan? point one. point two is the point that mr. garrett made, every budget...
SFGTV: San Francisco Government Television
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41
Apr 4, 2013
04/13
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SFGTV
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so it shows a deficit, but that revenue deficit is offset by an expenditure savings. we didn't have to make a transfer to get those revenues. so if you net that out -- i know this is convoluted -- >> chair farrell: the point being if you in netted that out then the surplus -- the expend tier deficit is greater than shown here. >> that's correct. that's correct. >> chair farrell: and then you're talking 31.2 versus 41.8 highlighted below. >> exactly. so the 45.9 million dollar number in the controller's six month report that ties to the controller's six month report are based on our projections for the six month report. we essentially base those on five months worth of actual data. and since that time, in the few months since we've been able to revise those projections down to about 31.2. the biggest causes of that change since the the six month report are on the next slide. the largest item is on salary and benefit spending. that's from a couple of things. the hospitals have both been very focused on trying to control their costs. but secondarily, we've had our -- whe
so it shows a deficit, but that revenue deficit is offset by an expenditure savings. we didn't have to make a transfer to get those revenues. so if you net that out -- i know this is convoluted -- >> chair farrell: the point being if you in netted that out then the surplus -- the expend tier deficit is greater than shown here. >> that's correct. that's correct. >> chair farrell: and then you're talking 31.2 versus 41.8 highlighted below. >> exactly. so the 45.9 million...
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246
Jul 23, 2010
07/10
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WETA
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project to cut this deficit, or at least to get it to a manageable size. some people are saying -- the question is: when is it safe to start cutting the deficit. some people are saying when the economy is as fragile as it is right now, we should wait a couple of years. and even ben bernanke said in testimony this week, make wait a few weeks to cut on it. when will the economy be strong enough to cut deficits. should we get going on it right now? >> we should get going right now. we should have a plan. that's what this commission is for, to give the president and the congress a plan for cutting the deficit. now, that will be a long-run plan. what are we going to do to reduce the rate of spending and get more revenues over the next 10 or 15 years. and it should be enacted enacted soon so people know that it is serious. but it doesn't have to derail the recovery. nobody in their right mind, i think, would want the deficit to plunge right now by actions of congress to cut spending drastically, or to raise taxes. >> susie: all right. >> because that would derai
project to cut this deficit, or at least to get it to a manageable size. some people are saying -- the question is: when is it safe to start cutting the deficit. some people are saying when the economy is as fragile as it is right now, we should wait a couple of years. and even ben bernanke said in testimony this week, make wait a few weeks to cut on it. when will the economy be strong enough to cut deficits. should we get going on it right now? >> we should get going right now. we should...
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Feb 2, 2017
02/17
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CSPAN3
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vice president cheney once famously said reagan proved deficits don't matter. do deficits matter? >> we think they do. i think our deficit is at a high level and the debt is at a high level and i think it's already having an effect. it does create a drag on the economy and drag on growth. >> i agree with you. my problem is deficits around here seem to matter sometimes and then not others. it seems to me if we could establish a consensus deficits are a problem, are a drag on the economy and do ultimately have to be paid back, that we could then start to move torpced soluti solutions. -- move towards solutions. i think they do matter and i hope we can establish that kind of consensus. we've got two levels of debt. so-called public debt and senator perdue mentioned the social security debt we owe. why aren't they the same? i think frankly the picture is worse than it looks because we don't count social security as part of the debt. most people want checks in the mail, not ious. >> actually in our numbers we include the debt together. our debt held by the public does include that, why
vice president cheney once famously said reagan proved deficits don't matter. do deficits matter? >> we think they do. i think our deficit is at a high level and the debt is at a high level and i think it's already having an effect. it does create a drag on the economy and drag on growth. >> i agree with you. my problem is deficits around here seem to matter sometimes and then not others. it seems to me if we could establish a consensus deficits are a problem, are a drag on the...
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Feb 8, 2015
02/15
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CSPAN
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that's not going to do anything about the deficit. a license to spend more money brings us further into the hole. you can't raise taxes high enough to satisfy the appetite of congress or any president not just this president to spend money. if a tax increase would go to the bottom line, reduce the deficit, that would be one thing. i think we might look favorable upon that. but that's not going to happen and i think you see that deficits matter. the president's budget speaks to deficits mattering. they have consequences. because the president's own budget shows that the cost of interest is going to go up from a little less than $300 billion a year to $800 billion a year. so, we have a spending problem not a taxing problem. and i don't see in this budget and i suppose i could say this even about republican budgets, that there doesn't seem to be a shame in increasing deficits, in this case, under this budget, by $8 trillion over a ten-year period of time. so this gets me to what the president has said publicly about the middle class, and
that's not going to do anything about the deficit. a license to spend more money brings us further into the hole. you can't raise taxes high enough to satisfy the appetite of congress or any president not just this president to spend money. if a tax increase would go to the bottom line, reduce the deficit, that would be one thing. i think we might look favorable upon that. but that's not going to happen and i think you see that deficits matter. the president's budget speaks to deficits...
WHUT (Howard University Television)
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221
Nov 4, 2009
11/09
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WHUT
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deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accounted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this administration in favor of extending unemployment benefits? >> there are a whole series of questions that we are facing as we come to the end of the year, including unemployment benefits. i expect there will be some extension of unemployment benefits. >> rose: because people like arianna huffington are going around saying to me and others that the problem is with the administration is larry summers is against extending unemployment benefits. >> i don't want to speak about e views of individual members of the economic or other parts of the administration, but i don't think that'
deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accounted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this...
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79
Feb 9, 2018
02/18
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BLOOMBERG
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duke economist care about these deficits, will there be a real economic consequence of these deficits, will it exacerbate and inflation problem? looked at the notes this morning from goldman sachs and jpmorgan. they agree this deal will at about a third of a percent to gdp growth in 2018 and 2019. jpmorgan is looking for the unemployment rate to hit 3.2% by the end of 2019, extraordinarily low. you cannot have an unemployment rate that low without getting strong upward pressure on wages. it becomes inflationary. that is what i think the federal reserve would be concerned about , they would start to raise interest rates to keep the economy from overheating, so you could have a collision between the fiscal side of the economy which is stimulative and the monetary side which will have to be more pulling back, cooling-off. julie: as your piece pointed out, that sets a possible showdown between the fiscal side and the monetary side, represented by the guys in charge. jay powell and donald trump. what will that look like? speculateis hard to gave an interview with bloomberg when he was in d
duke economist care about these deficits, will there be a real economic consequence of these deficits, will it exacerbate and inflation problem? looked at the notes this morning from goldman sachs and jpmorgan. they agree this deal will at about a third of a percent to gdp growth in 2018 and 2019. jpmorgan is looking for the unemployment rate to hit 3.2% by the end of 2019, extraordinarily low. you cannot have an unemployment rate that low without getting strong upward pressure on wages. it...